Fuel-Importing Economies Brace for Rising Costs as Oil Prices Climb.
Global oil prices jumped more than 4 per cent on Monday after the United States carried out a new wave of strikes on Iranian military targets, intensifying concerns that rising tensions in the Arabian Gulf could threaten crude shipments through the Strait of Hormuz — one of the world’s most critical energy transit routes.
As of 11:13am Tokyo time on Monday, July 13, 2026, Brent crude rose to $79.10 a barrel, gaining $3.09 or 4.07 per cent, while West Texas Intermediate (WTI) climbed to $74.39, up $2.98 or 4.17 per cent, according to market data.
The UAE’s Murban crude also advanced more than 5 per cent to $74.64, while US natural gas prices fell 1.1 per cent to $2.907.
The gains lifted Brent crude closer to the psychologically significant $80-a-barrel level after prices had softened in recent weeks.
The rally came after overnight US airstrikes ordered by President Donald Trump targeted Iranian military assets that Washington said were linked to attacks threatening commercial shipping through the Strait of Hormuz.
Fresh attacks
Iran responded with further attacks across the Gulf region, intensifying concerns that the conflict could once again threaten one of the world’s most vital oil shipping routes.
Around one-fifth of global oil consumption passes through the Strait of Hormuz, meaning any disruption to navigation in the waterway could have immediate consequences for energy markets.
While US officials maintain that the strait remains open to lawful commercial shipping, Iran has claimed it has closed the strategic passage, creating additional uncertainty for traders and shipping operators.
The latest price surge reverses some of the declines seen after OPEC+ agreed earlier this month to increase oil production from August. The move was aimed at easing supply concerns after months of market volatility linked to the Iran conflict.
Financial markets react
Financial markets responded cautiously to the developments.
Asian equities declined while the US dollar strengthened as investors assessed the possibility that rising energy prices could reignite inflation pressures at a time when central banks remain cautious about lowering interest rates.
Market participants are closely watching upcoming US inflation data and testimony from Federal Reserve Chair Kevin Warsh for signals on the future direction of monetary policy.
For energy-importing countries such as the Philippines, a prolonged rise in crude prices could lead to higher domestic fuel costs in the coming weeks if the upward trend continues.
The Philippines imports almost all of its crude oil requirements, making domestic fuel prices highly vulnerable to changes in global benchmarks such as Brent and Dubai crude.
Despite Monday’s surge, oil prices remain significantly below the levels reached during the peak of the Iran conflict earlier this year, when Brent briefly moved above $110 a barrel amid concerns over a prolonged disruption to Gulf oil supplies.
Analysts say the future direction of oil prices will largely depend on whether the latest military escalation remains contained or develops into a wider regional conflict that could seriously disrupt crude flows.
